Shiba Inu price prediction: Shiba Inu could drop SHARPLY despite Coinbase movement
Cryptocurrencies like Bitcoin are 'apolitical' says financial expert
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Altcoins have ripped through the cryptocurrency market this year, disrupting the flow of established tokens such as Bitcoin. DOGE is the most noteworthy among them, having gained more than 4000 percent of its value since its development nearly a decade ago. Offshoots of the satirical currency have seen success as well, most notably Shiba Inu coin.
Shiba Inu is another satirical take on the crypto market and has seen remarkable growth following a sudden surge in April.
On April 18, it shot from just $0.00000006 to $0.00000118, and then to $0.0000037 the next day.
After a brief lull, it managed to approach “the moon” and hit $0.00003503 by May 10.
But by May 19, it had dropped again, down to $0.00000922.
Since then, it has levelled out around $0.00000874 to $0.00000619, where it is now.
SHIB’s progress has allowed it to approach professional trading platforms.
Coinbase, one of the leading platforms, recently added Shiba Inu support to Coinbase Custody.
Coinbase Custody keeps cryptocurrency assets in an offline “cold storage” wallet.
People can currently buy the coin on another platform, eToro, which started listing SHIB on July 29.
Despite these moves in the right direction, experts believe the coin is lacking energy.
Some believe SHIB’s fear of missing out (FOMO) factor – that saw people not wanting to skip on a potential winning currency – has gone.
People could have made significant gains from buying the coin in late April and selling it off during the May boom.
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But as the dust settles, there are signs the coin is struggling to capture the same attention.
When news emerged that eToro would list the coin on their platform, Shiba Inu only gained two percent of its value.
The response was branded “bleak” by Sheldon McIntyre, an editor at FXStreet, an online Forex analysis publication.
He said the lack of response from eToro traders signalled “waning interest”, and fewer people discuss the coin on social media.
Mr McIntyre said interest was “stagnant”, even as developers launched ShibaSwap.
He noted the currency also failed to rebound with other currencies, adding it is on the edge of a “sharp move”.
Current trends indicate a “high probability” the coin will soon close below its May 19 low.
As such, Mr McIntyre added, a move below the “tactically important level” could introduce a move to $0.00000333, roughly 45 percent lower than its current price.
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